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| For Immediate Release |
Contact: Andy Deloney |
| October 9, 2006 |
517/377-3931 |
Michigan Restaurant and Lodging Fund Returns Over $2.7 Million!
Industry’s workers’ compensation fund returns highest amount ever
It’s been a record-breaking year for members participating in the Michigan Restaurant and Lodging Fund (MRL Fund). The MRL Fund has been authorized by the State of Michigan to return $2,792,000 of profit back to its members, making this the largest return in MRL Fund history. The return is approximately $285,000 larger than the highest return previously paid and brings the total profits returned to over $17 million since the fund’s inception in 1992.
Larry Clark of Coyote Creek Grille in Dimondale agrees that insuring his workers’ compensation coverage with the MRL Fund is a great benefit. “My restaurant has been insured with the Michigan Restaurant and Lodging Fund for the past seven years and has received over 43% of my premium back. With excellent service and great rates, the MRL Fund really stands above the rest. “
The MRL Fund was established in 1992 to help its members control their long-term workers’ compensation costs. Over 1100 members are currently participating in the program. The fund’s profits, which include premium dollars that are not used to pay administrative costs and claims, are returned back to its members along with investment income. Over time, fund members receive an average of 45-50% of their premium back, in the form of a profit return.
The MRL Fund is able to return significant profits back to its members because of its proactive loss control efforts, aggressive to claim management, and selective underwriting guidelines. Fund members consist of restaurateurs and hospitality business owners that care about their success in the program and are committed to keeping their potential claim costs to a minimum. Many sectors of the restaurant industry are eligible to participate in the MRL Fund, including fine and casual dining establishments, family sit-down restaurants, fast food restaurants, coffee shops, delicatessens and variety of other industry segments. In addition, members can enhance the amount of profit they receive by controlling their own loss performance. Profit returns are weighted more toward members that have the lowest claim costs. The lower a member’s claim costs, the greater the profit return.
The MRL Fund is also very selective when accepting new members into the fund. The selection process helps ensure that only the best performing operators participate in the program. In order to be written into the MRL Fund, each new applicant is carefully reviewed and must have a proven track record of low losses, acceptable work exposures, an implemented safety program, and be financially stable. The lower the fund’s claim costs, the greater the profits!
For members that have experienced claims or want to prevent potential claims from occurring, the MRL fund also has a dedicated staff of safety and loss control engineers that specialize in the hospitality industry and are available to help members in a variety of ways. They assist fund members by providing safety consultations, management training, safety manuals, and numerous other resources. The goal of the MRL Fund’s safety and loss control specialists is to provide educational tools and services that can help members prevent potential claims and assist in the ongoing profitability of the fund and its members. In addition, fund members receive semi-annual reports that reflect how their loss ratios compare to others in the MRL fund. The MRL Fund helps its members improve their loss ratios and fight potentially fraudulent claims with proactive claims management and with the use of industry specific safety resources designed to reduce the frequency of claims.
If you are not currently participating in the Michigan Restaurant and Lodging Fund and want more information, please contact the MRA Membership Development Department at (800) 968-9668.
Founded in 1921, the Michigan Restaurant Association represents more than 4,500 Michigan foodservice establishments. The foodservice industry plays an integral role in Michigan’s economy, employing more than 436,000 people and creating more than $11.3 billion in total annual sales. For more information, call (517) 482-5244.
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